PRIME NEWS@INSTAFOREX Source: mt5/ EURO PLUMMETS AS DRAGHI NOTES EXCESSIVELY LOW INFLATION The euro plunged for the first time in four days, as European Central Bank President Mario Draghi pressed for structural reforms in the eurozone and vowed to stretch stimulus measures if necessary. The currency slipped 0.3% to $1.2691 as of 5:00 p.m. (New York time) after gaining 0.5% earlier. Against the Japanese yen, the 18-nation currency erased 0.6% to ¥136.85. “Whenever Draghi speaks, people expect it to be euro negative. There will be this continued discussion about a currency being a lever that’s left for them,” said Robert Sinche, Global Strategist at Pierpont Securities LLC. Sinche added fiscal-policy levers and monetary-policy levers were not there, so the exchange rate was one of the few levers that could probably be pulled.
Posted on: Fri, 10 Oct 2014 04:54:23 +0000
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